Which is one of the FASB / IASB convergence projects ? Question 15 Which of the following is not included in the income statement ? Question 16 Which of the following is not included in financial statements ? Question 17 Which point supports the use of IFRS by U . S . public companies ? Question 18 Which international organization began the movement toward international accounting standards ? Question 19 What is the correct order of steps in applying the revenue recognition model ?( 1 ) Identify the separate performance obligations in the contract ( 2 ) Identify the contract with the customer ( 3 ) Determine the transaction price for the entire contract ( 4 ) Recognize revenue when each separate performance obligation is satisfied ( 5 ) Allocate the transaction price to separate performance obligation Question 20 Which is one of the key activities that will lead to a company ’ s successful IFRS conversion ? Question 21 Recoverable amount is the higher of the following : Question 22 Which of the following are differences between U . S . GAAP and IFRS ? Question 23 Which of the following entities may not gain distinct advantages from adopting IFRS for SMEs ? Question 24 Which country is the only major country not to formally commit to the adoption of IFRS ? Question 25 Which of the following does IFRS require accounting students and educators to learn ? ACC 499 Midterm Part 2 ( Set 2 ) Question 1